Post by : Badri Ariffin

On Wednesday, Dubai witnessed a continued decline in gold prices, marking the third consecutive day. This downturn aligns with ongoing weak trends in the global bullion market and a strengthening US dollar.

As reported by the Dubai Jewellery Group, the rate for 24K gold is now Dh554.75 per gram, a reduction from Dh562.50 on Tuesday and Dh569.50 on Monday, showing a decrease of Dh14.75 over three days.

Various other gold categories have similarly experienced consistent reductions:

• 22K gold: Dh513.75 (down from Dh520.75 and Dh527.25)

• 21K gold: Dh492.50 (down from Dh499.25 and Dh505.50)

• 18K gold: Dh422.25 (down from Dh428.00 and Dh433.25)

• 14K gold: Dh329.25 (down from Dh333.75 and Dh338.00)

The ongoing decline in gold rates reflects a response to pressures within the global bullion sector.

Global Market Influences on Gold Prices

Internationally, spot gold has seen a slight uptick of 0.2% to $4,602.82 per ounce, following a dip to its lowest since early April. Concurrently, US gold futures have increased to $4,616.40.

Market perceptions are largely shaped by the anticipation that the US Federal Reserve will maintain current interest rates, which generally dampens gold demand due to its non-yield nature.

Geopolitical issues, particularly concerning Iran, continue to influence market dynamics. Ongoing uncertainties surrounding peace negotiations and risks in the Strait of Hormuz have kept Brent crude prices above $110 per barrel. These high oil prices exert inflationary pressure, further affecting gold demand.

A stronger US dollar has additionally constrained gold’s upward potential by increasing its cost for foreign buyers.

Market Update on Other Precious Metals

The performance of other precious metals has shown varied movements:

• Silver: Increased by 1% to $73.82 per ounce

• Platinum: Decreased by 0.3% to $1,933.75

• Palladium: Dropped by 0.2% to $1,457.39

In summary, gold prices in Dubai continue to face significant pressure due to the ongoing global economic and geopolitical instabilities.

#world news #UAE News #Dubai Gold #Gold Prices